Real Estate Term of the Day: Declaration

DECLARATION (aka: declaration of the CCRs) – a legal document used to create a condominium or community association. Includes a description of the property/community and the uses to which is restricted, a description of individual ownership units, common areas, and procedures for amending the declaration (Barron’s Dictionary of Real Estate Terms)

(a) The names of the common interest community and the association and a statement that the common interest community is a condominium, cooperative, or planned community;

(b) The name of every county in which any part of the common interest community is situated;

(c) A legally sufficient description of the real estate included in the common interest community;

(d) A statement of the maximum number of units that the declarant reserves the right to create;

(e) In a condominium or planned community, a description, which may be by plat or map, of the boundaries of each unit created by the declaration, including the unit’s identifying number; or, in a cooperative, a description, which may be by plat or map, of each unit created by the declaration, including the unit’s identifying number, its size or number of rooms, and its location within a building if it is within a building containing more than one unit;

(f) A description of any limited common elements, other than those specified in section 38-33.3-202(1)(b) and (1)(d) or shown on the map as provided in section 38-33.3-209(2)(j) and, in a planned community, any real estate that is or must become common elements;

(g) A description of any real estate, except real estate subject to development rights, that may be allocated subsequently as limited common elements, other than limited common elements specified in section 38-33.3-202(1)(b) and (1)(d), together with a statement that they may be so allocated;

(h) A description of any development rights and other special declarant rights reserved by the declarant, together with a description sufficient to identify the real estate to which each of those rights applies and the time limit within which each of those rights must be exercised;

(i) If any development right may be exercised with respect to different parcels of real estate at different times, a statement to that effect together with:

(I)Either a statement fixing the boundaries of those portions and regulating the order in which those portions may be subjected to the exercise of each development right or a statement that no assurances are made in those regards; and (II) A statement as to whether, if any development right is exercised in any portion of the real estate subject to that development right, that development right must be exercised in all or in any other portion of the remainder of that real estate;

(II)Any other conditions or limitations under which the rights described in paragraph (h) of this subsection (1) may be exercised or will lapse;

(j) An allocation to each unit of the allocated interests in the manner described in section 38-33.3-207;

(k) Any restrictions on the use, occupancy, and alienation of the units and on the amount for which a unit may be sold or on the amount that may be received by a unit owner on sale, condemnation, or casualty loss to the unit or to the common interest community or on termination of the common interest community;

(l) The recording data for recorded easements and licenses appurtenant to, or included in, the common interest community or to which any portion of the common interest community is or may become subject by virtue of a reservation in the declaration;

(o) Reasonable provisions concerning the manner in which notice of matters affecting the common interest community may be given to unit owners by the association or other unit owners;

(p) A statement, if applicable, that the planned community is a large planned community and is exercising certain exemptions from the “Colorado Common Interest Ownership Act” as such a large planned community;

(q) In a large planned community:

(I) A general description of every common element that the declarant is legally obligated to construct within the large planned community together with the approximate date by which each such common element is to be completed. The declarant shall be required to complete each such common element within a reasonable time after the date specified in the declaration, unless the declarant, due to an act of God, is unable to do so. The declarant shall not be legally obligated with respect to any common element not identified in the declaration.

(II) A general description of the type of any common element that the declarant anticipates may be constructed by, maintained by, or operated by the association. The association shall not assess members for the construction, maintenance, or operation of any common element that is not described pursuant to this subparagraph (II) unless such assessment is approved by the vote of a majority of the votes entitled to be cast in person or by proxy, other than by declarant, at a meeting duly convened as required by law.

(r) The declaration may contain any other matters the declarant considers appropriate.

(s) The plats and maps described in section 38-33.3-209 may contain certain information required to be included in the declaration by this section.

(t) A declarant may amend the declaration, a plat, or a map to correct clerical, typographical, or technical errors.

(u) A declarant may amend the declaration to comply with the requirements, standards, or guidelines of recognized secondary mortgage markets, the department of housing and urban development, the federal housing administration, the veterans administration, the federal home loan mortgage corporation, the government national mortgage association, or the federal national mortgage association.

The declaration will be provided to you before you fulfill the purchase of a property. It is imperative that you take the time to read through all of the documents provided to you so that you understand all of the rules & restrictions of the community.

KENTWOOD REAL ESTATE

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ABOUT LESLIE MONACO

Leslie Monaco, a born and raised Denver native, has been involved in the real estate industry since 2001 and has helped hundreds of clients call Denver their home. Real estate is her passion and that passion reflects on her sincerity in helping clients achieve their real estate goals and needs. Clients that work with Leslie are provided with first class service from the start, throughout their real estate process and beyond the closing. This is evidenced by her being recognized as a 5280 Five Star Real Estate Agent based on customer satisfaction for the past four years. Leslie is a part of a top producing team with The Kentwood Company who consistently sell over $20,000,000 in Metro Denver real estate each year.